August 20, 2018 / 2:23 AM / a month ago

GRAINS-Wheat retreats from 11-day high, possible Russian export ban limits losses

    SYDNEY, Aug 20 (Reuters) - U.S. wheat futures fell on
Monday, easing after gains of more than 3 percent in the
previous session when prices hit an 11-day high, although losses
were checked by concerns that Russia may limit exports.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were down 0.7 percent at $5.75-3/4 a bushel by 0156
GMT, having closed up 3.2 percent on Friday when prices hit
$5.82-3/4 a bushel - the highest since Aug. 7.
    * The most active soybean futures were up 1.3 percent
to $9.04-1/4 a bushel, near the session high of $9.07 a bushel -
the highest since Aug 9. Soybeans fell 0.5 percent on Friday.
    * The most active corn futures were up 0.1 percent to
$3.79-1/4 a bushel, having closed down 0.3 percent in the
previous session.
    * Wheat supported after traders who met with Russia's
agriculture ministry said the country will consider restricting
2018-19 shipments once they reach 30 million tonnes, following a
request from meat-producing regions.
    * The ministry denied it discussed export curbs. However,
the meeting still added to doubts about Russia's ability to
export a projected 35 million tonnes of wheat.

    * Soybeans draw support after the Wall Street Journal
reported last week that the U.S. and China are working on a plan
to resolve their trade dispute by November.
         
    MARKET NEWS  
    * The dollar sagged on Monday as investor demand for the
safe-haven currency receded on optimism over a reduction in
U.S.-China trade tensions, with the focus on discussions between
the two countries due this week.  
    * Oil prices dipped on Monday as concerns over slowing
economic growth weighed on markets.  
    * U.S. stocks closed higher on Friday, with the S&P 500 and
the Dow Jones Industrial Average extending gains and the Nasdaq
turning positive on reports of progress in tariff disputes
between the United States and its trading partners China and
Mexico.  
    
    DATA AHEAD (GMT)
0600  Germany             Producer prices                Jul
0900  Euro zone           Construction output            Jun
     
 Grains prices at  0156 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  575.75    -4.00   -0.69%       +2.45%  551.25     57
 CBOT corn   379.25     0.50   +0.13%       -0.13%  372.78     56
 CBOT soy    904.25    11.50   +1.29%       +0.81%  878.66     61
 CBOT rice    10.45    $0.10   +0.97%       -0.10%  $11.42     34
 WTI crude    65.82   -$0.09   -0.14%       +0.55%  $68.49     37
 Currencies                                                      
 Euro/dlr    $1.143  -$0.001   -0.05%       +0.49%               
 USD/AUD     0.7303   -0.001   -0.10%       +0.61%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Richard Pullin)
  
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